MUMBAI, July 16 (Reuters) - India's gold futures edged lower on Thursday weighed down by a strong rupee, making the imported yellow metal cheaper, analysts said. The most-active August gold contract MAUQ9 hit a low of 14,720 rupees, and traded 0.07 percent down at 14,760 rupees per 10 grams at 10:25 a.m. The contract had gained 0.8 percent in the previous session, when U.S. data stoked inflation concerns. The Indian rupee extended its rally to a third day as expectations of gains in local shares renewed hopes of more portfolio inflows while stronger Asian units also underpinned sentiment. See [ID:nBOM43053] "Inflationary concerns in the U.S. might continue to support gold. Resistance is pegged at 14,825 rupees," said Kunal Shah, assistant vice-president with Nirmal Bang Commodities. U.S. consumer prices rose at a slightly faster-than-expected 0.7 percent pace in June, but the bulk of the increase was due to soaring gasoline prices and the core measure of inflation remained relatively tame. [ID:nN14266826] Gold may be in the range of 14,670-14,840 rupees, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade. Open interest for August gold on MCX was at 14,415 lots, up from 14,434 a day earlier. Volume on Wednesday was 27.14 kg. Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:31 a.m. <0#MAU:>: Contract Current price Net change ====================================================== Aug 14,758 -12 Oct 14,762 -13 For a technical look at gold double click (www.reutersindia.net/gold.htm) (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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